The mixed data still reveals a strong job market amid a backdrop of the extended bull run in the capital markets despite private payrolls missing its expectations. Companies added 163,000 jobs in August, which represents a tangible slowdown versus the 217,000 added in the previous month and below the average of 206,000 a month.

Additionally, the month of August revealed a steep decline in hiring by small businesses, but in spite of this, the labor market continues to thrive.

“Although we saw a small slowdown in job growth the market remains incredibly dynamic,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

Claims for state unemployment benefits dropped by 10,000 to a seasonally adjusted 203,000 for the week ending Sept. 1, which represents its lowest level since December 1969. A Reuters poll of economists forecasted unemployment claims to hit 214,000, while the four-week moving average of unemployment claims fell by 2,750 last week to 209,500, which is also the lowest level since December 1969.